What MoneyWellth does
MoneyWellth is a financial technology company dedicated to empowering financial equity for all. Founded with the mission to enable people to live their healthiest and best lives, MoneyWellth provides a comprehensive suite of tools designed to simplify budgeting, empower financial education, and build wealth effortlessly.
The Current Landscape
There are many apps considered financial technology, but their functions, visions, and missions vary greatly. Since MoneyWellth is a budgeting app and financial education resource first, core competitors include RocketMoney, Monarch Money, and YNAB. Investment apps, such as Robinhood, Acorns, and Wealthfront are gaining popularity. MoneyWellth encourages their users to also use investment apps to link for tracking all of their accounts inside MoneyWellth.
Company Birth Story
The inspiration behind MoneyWellth stems from the passion of its founders, Jillian Krenk, CEO, and David Ashley, MD, MBA, Chief Strategy Officer, to enhance access to financial education and improve health outcomes. When Jillian and David met in 2017, they bonded over their shared interests in medical research and personal finance. Jillian had spent her entire career in preventative healthcare and was deeply passionate about preventative healthcare research. Conversely, David spent his career as a primary care doctor, served as a colonel in the Rhode Island Air National Guard, and led and advised many start-ups and organizations as a chief medical officer. Despite coming from different generations, they noticed that the same personal financial issues plagued both their peers and impacted the health and wellbeing of everyone.
Uncertain of the true health impact of personal finances on overall health and wellbeing, they began by offering a health assessment to over 30,000 individuals across the country through a wellness program. They tracked the responses of a dedicated cohort on questions about their mental health, nutrition, physical activity, smoking, drinking, and financial health for three consecutive years. The data showed a convincing correlation between financial stability, defined as someone who can pay all their bills in full each month, and increased overall health outcomes, including better mental health, healthier eating, increased physical activity, and decreased smoking and drinking. The health outcomes only improved as individuals increased their level of financial security by having a cash cushion of at least $500 saved, a full emergency reserve of at least 3-6 months of expenses, and beyond that, decreasing debt and becoming debt-free. These correlations prompted the development of MoneyWellth as it is today.
The Solution
Today, MoneyWellth is used by over 350 organizations across the country as a benefit offering for their employees, who are provided premium access to MoneyWellth’s tools and solutions. The vision is to empower financial equity, which is why when they learned Mint was shutting down, they stepped in to offer a free budgeting solution. As of June 1st, anyone in the country can access a free version of the MoneyWellth app, connect all their accounts, use all the budgeting features, and even access the educational library. Users who are interested in more active budgeting and additional features can upgrade to premium. Additionally, in the fall of 2024, MoneyWellth will be launching a free budgeting simulation and course curriculum for all teachers and students across the country.
A founder quote
"Our goal at MoneyWellth is to provide accessible financial tools and education to everyone, regardless of their background or financial situation. By offering this app for free, we hope to break down barriers and empower individuals to take control of their financial future." - Jillian Krenk, Founder and CEO
Check it out : https://www.moneywellth.com/
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